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IFP Advisor Walter Ickert: GWG L Bond Complaint
Ridgeland, South Carolina financial advisor Walter Ickert (CRD# 254588) has received two investor complaints alleging misconduct connected to investments in L bonds issued by GWG Holdings. Financial Industry Regulatory Authority records indicate that he is a broker and an investment advisor with IFP Securities, doing business as Walter Ickert and Associates.
Mr. Ickert’s BrokerCheck report discloses two investor complaints. The most recent, filed in November 2022, alleges “conduct adequate due diligence, misrepresentation of the investment’s safety, failure to adequately disclose the risk surrounding an investment in the product and unsuitability.” As the disclosure proceeds further, the investment in question was issued by GWG, which later filed for Chapter 11 bankruptcy. According to the disclosure, an “internal investigation of the facts” was conducted by the firm, IFP Securities, concluding “that due diligence was performed, the associated risk complained of was appropriately reflected both in person and via documentation provided to and signed for the client.” The pending complaint alleges damages of $100,001.
A second investor complaint, filed in October 2022, similarly alleges a failure to fully disclose the risk associated with an investment in a GWG L bond. The complaint specifically alleges a “particular, failure to disclose a possible risk that the principal of the Bond could not be readily accessed or that there was a risk that monthly income could somehow be lost was alleged.” It proceeds to allege an unsuitable over-concentration in alternative investments, as well as a failure by IFP Securities to conduct due diligence. As with the November 2022 complaint, the disclosure states that an internal investigation of the underlying facts found that “the term of the bond in question and associated risk parameters were appropriately reflected in person and via documentation provided to the client.” The pending complaint alleges damages of $83,000.
According to the Financial Industry Regulatory Authority, Walter Ickert holds 45 years of securities industry experience. Based in Ridgeland, South Carolina, he has been a broker with IFP Securities since 2019 and an investment advisor with Independent Financial Partners since 2009, doing business as Walter Ickert and Associates. His registration history includes LPL Financial (Ridgeland, South Carolina; 2009-2019), Oak Brook Advisors (Sebastian, Florida; 2004-2009), Royal Alliance Associates (Sebastian, Florida; 2002-2009), Park Avenue Securities (New York, New York; 1999-2002), Guardian Investor Services Corporation (New York, New York; 1997-1999), Financial Network Investment Corporation (El Segundo, California; 1986-1997), NWNL Management Corporation (Windsor, Connecticut; 1987-1990), Arundel Securities, The Planner’s Securities Group, FSC Securities Corporation, the Lincoln National Life Insurance Company, Lincoln Financial Advisors Corporation, and ADL Investment Company. His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Registered Representative Examination, or Series 1; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is currently licensed in North Carolina and South Carolina. (Information current as of January 10, 2023.)
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